Stocks to watch on the Australian stock exchange on Wednesday:
AGO – ATLAS IRON LTD – down 11 cents at $3.76
Atlas Iron chief executive David Flanagan will press federal independent MPs about the government’s “bad decisions”, including the new mining tax.
CDD – CARDNO LTD – up 13 cents at $5.42
Engineering services group Cardno has posted its seventh consecutive year of record profits and earnings per share growth as a listed company and says the outlook remains positive.
CRZ – CARSALES.COM LTD – up 16 cents at $4.67
Website operator Carsales.com has posted a 35 per cent increase in annual profit, and says trading in the first part of the current year continues to be solid.
EGP – ECHO ENTERTAINMENT GROUP LTD – up seven cents at $3.83
Casinos operator Echo Entertainment Group says its high-roller business has expanded significantly and it has won a higher proportion of money against VIP gamblers than usual.
GWA – GWA GROUP LTD – down 15 cents at $2.40
Building fixtures supplier GWA Group is to shed 169 jobs, or eight per cent of its staff, and source more products overseas amid a gloomy outlook for companies dependent on the weakening housing market.
JHX – JAMES HARDIE INDUSTRIES SE – up five cents at $5.40
Building products maker James Hardie Industries expects a higher operating profit in fiscal 2012 despite weak housing construction in Australia and the United States.
MAH – MACMAHON HOLDINGS LTD – up two cents at 58.5 cents
Macmahon Holdings has posted an “unacceptable” profit of $1 million, because of a writedown on a rail contract.
OST – ONESTEEL LTD – up 1.5 cents at $1.45
OneSteel has flagged more job cuts and possible closures in its loss-making steelworks division after retrenching 400 workers, as the industry reels from weak demand and a high Australian dollar.
OZL – OZ MINERALS LTD – down 45 cents at $11.90
OZ Minerals’ first half profit fell 72 per cent after the copper and gold miner settled a class action.
QAN – QANTAS AIRWAYS LTD – down 0.5 cent at $1.525
Qantas has set a five-year target to return its struggling international operations to profitability.
RFG – RETAIL FOOD GROUP LTD – up 20 cents at $2.35
Retail Food Group, the company behind brands such as Brumby’s Bakeries, Donut King, and Michel’s, has overcome natural disasters and a challenging retail environment to establish 40 new outlets and a small rise in net profit.
SGH – SLATER & GORDON LTD – down 14 cents at $2.10
Slater & Gordon has posted a 40.9 per cent surge in full year profit and expects further growth in the current year.
SLM – SALMAT LTD – down six cents at $3.14
Direct marketer Salmat has posted a 26.8 per cent drop in annual net profit, and expects tough market conditions over the current financial year.
TAH – TABCORP HOLDINGS LTD – up three cents at $3.22
Wagering and gaming firm Tabcorp says its continuing businesses are well positioned, and the company is confident heading into the current financial year.
WBC – WESTPAC BANKING CORPORATION – down 92 cents at $20.25
Westpac shares dropped more than three per cent after the bank posted a two per cent fall in third quarter cash earnings due to slowing credit growth.
